Bitcoin price crashes below $ 9,000 ahead of halving

Today, May 10, the price of the first cryptocurrency suddenly fell below $9,000, interrupting the upward trend. At the momentWriting BTC is trading at around $ 8,600.

The chart below shows that a sharp decline in prices was accompanied by a significant surge in trading volumes:

Bitstamp four-hour BTC / USD chart

In just 30 minutes, the price of BTC fell by 10%. Against the backdrop of what is happening, Coinbase went offline for a short while.

According to Rek.to, the volume of liquidations on the popular BitMEX crypto-derivative exchange against the background of a collapse in prices almost reached $ 300 million.

A sharp drop in the price of BTC occurred on the eve of the halving of the block reward, to which less than two days remained.

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“By tradition,” the first cryptocurrency pulled down almost the rest of the market. This is the top ten CoinMarketCap at the time of writing:

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As can be seen in the screenshot, the vast majority of crypto assets dipped by more than 10% in the last day.

The total market capitalization is around $ 236 billion, the BTC dominance index is 66.9%.

Opinions in the crypto community about the impact of the futurehalving is ambiguous. So, early bitcoin investor Charlie Shrem is sure that halving the reward for the block mined by miners is a positive signal for digital gold, the effect of which, however, will not immediately appear.

The experts of the Santiment analytical platform, who recently predicted the sale of large players amid hyip around the halving, have a completely different opinion.